HDFC Bank chief executive Sashidhar Jagdishan has informed the board of India's largest private-sector lender that he will not seek reappointment for a third term and will retire at the close of business on 26 October 2026, the bank said in a stock exchange filing on 29 August 2026.
The board took note of the communication and said that, despite persuasion, Jagdishan had reiterated his decision; it decided to fast-track the selection and appointment of a successor well within time.
LEADER OF THE HDFC MERGER STEPS DOWN
Jagdishan, who has led HDFC Bank as managing director and chief executive since 2020, was credited by the board for his role in the successful completion of one of the largest mergers in corporate India, the combination of HDFC Ltd and HDFC Bank.
In its filing, the bank said Jagdishan conveyed his decision not to seek reappointment on 29 August 2026, and said he would retire upon the close of business hours on 26 October 2026.
BOARD MOVES TO ACCELERATE SUCCESSION
The board said it would fast-track the process of identifying and appointing a successor. Under Indian banking regulations, the appointment of a chief executive at a private-sector bank requires the prior approval of the Reserve Bank of India, adding a formal regulatory step to the timeline that the board will need to navigate before naming a permanent replacement.
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